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by Karrot_Kream
1287 days ago
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This is incorrect. The gold standard was abolished in the US because it was too hard for the US to control macroeconomic policy [1] (especially import/export rates) through gold. The US already had elaborate ways to manage reserves to help in keeping the dollar steady. It was also a matter of dwindling gold reserves for the US. Whatever your thoughts are about the gold standard, it was not instability that did it in. [1]: https://www.wsj.com/articles/when-the-u-s-gave-up-gold-11625... |
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